What you need to open a Wells Fargo savings account

You can open a Wells Fargo savings account in person at a branch, online through their website, or by phone. The fastest route is online — it takes about 10 minutes and you can fund the account immediately. You will need a valid government ID (driver's license, passport, or state ID), your Social Security number, and an initial deposit.

Wells Fargo requires a minimum opening deposit that varies by account type. For their standard savings account (called "Way2Save"), the minimum is $0 — you can open it with no money and deposit later. Some specialty savings accounts have higher minimums, typically $25 to $100. If you open in person or by phone, a banker can tell you the exact requirement for the account you want before you commit.

If you do not have a Social Security number, you can open an account with an Individual Taxpayer Identification Number (ITIN) instead, though you will need to do this in person at a branch with additional documentation. Bring a passport or consular ID plus proof of address (utility bill, lease, or bank statement dated within the last 60 days).

Key Takeaways

  • Opening online takes about 10 minutes and requires only a valid ID, Social Security number, and an initial deposit (which can be $0 for Way2Save).
  • You can fund the account immediately after opening by linking a bank account or debit card, or deposit cash in person at a branch.
  • If you already have a Wells Fargo checking account, opening a linked savings account is faster because the bank already has your information on file.
  • Wells Fargo offers multiple savings account types with different interest rates and features — compare them before opening to match your savings goals.

Opening online through Wells Fargo's website

Go to wellsfargo.com and click "Open an Account" or "Savings Accounts" in the main menu. Select the savings account type you want — Way2Save is the most common for everyday savers. The system will ask for your name, date of birth, Social Security number, address, phone number, and email.

You will then verify your identity by uploading a photo of your ID or answering security questions based on your credit history. This step usually takes a few minutes. Once verified, you choose how much to deposit initially and link a bank account or debit card to fund it. The money typically arrives within one to two business days, though Wells Fargo sometimes makes it available immediately.

After funding, you will receive your account number and routing number right away. You can set up online banking access, request a debit card (if the account type includes one), and start using the account the same day. If you need a physical savings card or passbook, Wells Fargo will mail it to you within 7 to 10 business days.

Opening in person at a Wells Fargo branch

Bring your ID, Social Security number, and proof of address to any Wells Fargo branch during business hours. A banker will walk you through the account options, explain the features and interest rates of each, and help you choose. This route is useful if you want to ask questions about which account fits your needs or if you prefer to deposit cash immediately.

The banker will collect your information, verify your identity, and set up the account on the spot. If you bring cash, you can deposit it right then — the money is available in your account immediately. The whole process takes 15 to 30 minutes depending on how busy the branch is and how many questions you have.

You will leave with your account number, a temporary debit card (if applicable), and information about online banking. Your permanent card will arrive by mail in 7 to 10 business days. Ask the banker for the branch's routing number and your new account number so you can start using the account for transfers or direct deposits before your card arrives.

Opening by phone with Wells Fargo customer service

Call Wells Fargo at 1-800-869-3557 to open a savings account over the phone. A representative will verify your identity, collect your personal information, and walk you through the account options. This route works if you cannot visit a branch or prefer not to open online.

You will need to provide your ID number, Social Security number, and proof of address over the phone. The representative will ask security questions to verify your identity, then set up the account. You can fund it by providing a bank account number for a transfer or a debit card number for a charge.

The account is active immediately, but funding by bank transfer typically takes one to two business days. If you use a debit card, the charge may post within hours. The representative will give you your account number and routing number before you hang up so you can start using the account right away.

Linking a savings account to an existing Wells Fargo checking account

If you already have a Wells Fargo checking account, opening a linked savings account is faster because the bank already has your information. Log into your online banking account, go to "Accounts" or "Open an Account," and select "Savings Account." The system will pull your existing information and only ask you to confirm it and choose your account type.

You do not need to make a new deposit if you do not want to — you can transfer money from your checking account to fund the savings account after it opens. The new account is usually active within minutes, and you can move money between the two accounts instantly online or through the Wells Fargo app.

This linked setup is useful if you want to keep your checking and savings separate but manage them together. You can set up automatic transfers to build savings, or move money back and forth as needed. Both accounts will appear in a single online login.

What happens after you open the account

Once your account is open, you can start depositing money immediately through online transfers, mobile deposits (if you have a Wells Fargo checking account), or in-person cash deposits at any branch. Your account number and routing number are available right away so you can set up direct deposits from an employer or other sources.

Wells Fargo will send you a welcome packet by mail with your account details, disclosures, and information about online banking. If your account type includes a debit card, it will arrive separately within 7 to 10 business days. You can activate it through the Wells Fargo app or website as soon as it arrives.

Set up online banking and the mobile app so you can check your balance, make transfers, and deposit checks remotely. You can also set up alerts for low balances, large deposits, or other account activity. Interest on your savings will begin accruing based on the account type and current rate — Wells Fargo publishes rates on their website and updates them as market conditions change.

Wells Fargo savings account types and their differences

Wells Fargo offers several savings accounts with different features. Way2Save is the basic option with no minimum opening deposit, a modest interest rate, and a monthly fee ($5) that is waived if you maintain a $500 minimum balance or have a linked Wells Fargo checking account. Savings Account is similar but has a $25 minimum opening deposit and the same fee structure.

Money Market Account requires a higher opening deposit (typically $25,000) and offers a higher interest rate in exchange. It includes check-writing privileges and a debit card. Certificate of Deposit (CD) lets you lock money away for a set term (3 months to 5 years) in exchange for a may provide rate, usually higher than savings accounts. You cannot withdraw the money early without paying a penalty.

Compare the current interest rates and fees on Wells Fargo's website before opening. Rates change frequently and vary by account type and deposit amount. If you are saving for a specific goal with a timeline, a CD might earn more. If you need access to your money anytime, Way2Save or a regular savings account is more flexible.

Frequently Asked Questions

Can I open a Wells Fargo savings account without a Social Security number?

Yes, you can use an Individual Taxpayer Identification Number (ITIN) instead. You must open the account in person at a branch and bring your passport or consular ID plus proof of address dated within the last 60 days, such as a utility bill or lease.

How much interest will I earn on a Wells Fargo savings account?

Interest rates vary by account type and change frequently based on market conditions. Check Wells Fargo's website or ask a banker for the current rate on the account you want to open. Rates are typically lower than online-only banks but higher than keeping cash at home.

Is there a monthly fee for a Wells Fargo savings account?

Way2Save has a $5 monthly fee, but it is waived if you keep a $500 minimum balance or have a linked Wells Fargo checking account. Other account types have different fee structures — ask before opening so you know what to expect.

How long does it take to open a Wells Fargo savings account online?

The process takes about 10 minutes from start to finish. Your account is active immediately, though funding by bank transfer typically takes one to two business days. If you use a debit card to fund it, the charge may post within hours.

Can I open a savings account if I have been denied banking services before?

It depends on why you were denied. Wells Fargo checks ChexSystems, a banking history database, when you open an account. If you have unpaid overdrafts or fraud on record, you may be denied. Contact Wells Fargo directly to ask about your specific situation before applying.